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MTECHTIPS:-Commodity Overview:
1.GOLD & SILVER:-Gold futures are trading steadily higher after yesterday's rally, however the gains may be capped due to weakness in Asian equities depressed by an unexpectedly high level of initial jobless claims and downbeat Philly Fed index. Production of Peru's gold, silver and zinc increased slightly in February. The Mines and Energy Ministry said Thursday that Peru produced 13,125 kilograms of gold in February, up 4.75% from the same month last year.Silver production in Peru, the world's second-largest producer of the precious metal, was up 0.07% at 266,157 kilograms, the government said. COMEX June delivery gold futures are trading up $ 4 at $ 1645 per ounce in Asia electronic trades today. Yesterday, it ended higher by $1.8 or 0.1%, to end at $1,641.4 an ounce.
2.CRUDEOIL:-Crude oil futures surged in the Asia session today as the weakness in Yen provided some risk appetite in the markets and the US dollar showed flat movement. NYMEX light sweet oil futures are up 44 cents at $ 102.71 per barrel on the New York Mercantile Exchange. Yesterday, it closed down 40 cents, or 0.4%, to settle at $102.27 a barrel, down for two sessions in a row and at its lowest since April 10. MCX benchmark crude futures may start today's session near Rs 5590 levels with resistance near Rs 5415-20 levels. In the currencies today, U.S. dollar traded sideways in quiet foreign-exchange action during East Asian hours
Friday. The dollar index, which measures the U.S. currency against a basket of six rivals, sat at 79.560, moving in a tight range around its 79.563 level in late North American trade Thursday.
3.COPPER:-Copper tumbled on Thursday, 19th April at LME as the soft economic data from the US overshadowed the successful bond auction held in Spain and France. On the back of this mixed economic woes, Copper is likely to trade on sideways during the morning session on Friday, 20th April. Copper at MCX is likely to find support at Rs 414.2 per kg and Rs 410 per kg and resistance at Rs 421.3 per kg and Rs 425.2 per kg on Friday, 20th April. Copper shed by 0.4% at $8004.5 per tonne on Thursday at LME. Comex Copper ended flat at $3.6275 a pound compared to $3.631 a pound traded last day. MCX Copper buoyed by 0.5% or Rs 2.05 at Rs 418.25 per kg favored by slight short covering during the day and touched an intraday low at Rs 415.2 per kg and high at Rs 418.5 per kg.
1.GOLD & SILVER:-Gold futures are trading steadily higher after yesterday's rally, however the gains may be capped due to weakness in Asian equities depressed by an unexpectedly high level of initial jobless claims and downbeat Philly Fed index. Production of Peru's gold, silver and zinc increased slightly in February. The Mines and Energy Ministry said Thursday that Peru produced 13,125 kilograms of gold in February, up 4.75% from the same month last year.Silver production in Peru, the world's second-largest producer of the precious metal, was up 0.07% at 266,157 kilograms, the government said. COMEX June delivery gold futures are trading up $ 4 at $ 1645 per ounce in Asia electronic trades today. Yesterday, it ended higher by $1.8 or 0.1%, to end at $1,641.4 an ounce.
2.CRUDEOIL:-Crude oil futures surged in the Asia session today as the weakness in Yen provided some risk appetite in the markets and the US dollar showed flat movement. NYMEX light sweet oil futures are up 44 cents at $ 102.71 per barrel on the New York Mercantile Exchange. Yesterday, it closed down 40 cents, or 0.4%, to settle at $102.27 a barrel, down for two sessions in a row and at its lowest since April 10. MCX benchmark crude futures may start today's session near Rs 5590 levels with resistance near Rs 5415-20 levels. In the currencies today, U.S. dollar traded sideways in quiet foreign-exchange action during East Asian hours
Friday. The dollar index, which measures the U.S. currency against a basket of six rivals, sat at 79.560, moving in a tight range around its 79.563 level in late North American trade Thursday.
3.COPPER:-Copper tumbled on Thursday, 19th April at LME as the soft economic data from the US overshadowed the successful bond auction held in Spain and France. On the back of this mixed economic woes, Copper is likely to trade on sideways during the morning session on Friday, 20th April. Copper at MCX is likely to find support at Rs 414.2 per kg and Rs 410 per kg and resistance at Rs 421.3 per kg and Rs 425.2 per kg on Friday, 20th April. Copper shed by 0.4% at $8004.5 per tonne on Thursday at LME. Comex Copper ended flat at $3.6275 a pound compared to $3.631 a pound traded last day. MCX Copper buoyed by 0.5% or Rs 2.05 at Rs 418.25 per kg favored by slight short covering during the day and touched an intraday low at Rs 415.2 per kg and high at Rs 418.5 per kg.
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